Omnichannel commerce platform provider PredictSpring has raised $16 million in Series B funding, which brings its total funding so far to $32 million. The company said existing investors Salesforce Ventures, Felicis and Novel TMT Ventures participated in this latest round and said it will use the new funding “to accelerate the growth of its omnichannel business and grow its R&D and go-to-market teams.”
Nitin Mangtani, founder and chief executive officer of PredictSpring, said over the past three years there’s been “an accelerated transition from decades-old legacy retail POS systems to modern POS platforms across the board in the retail industry and noted that this funding round enables the company “to expand on our already successful modern POS business, and provide brands and retailers with innovative omnichannel solutions that further improve the consumer experience and drive sales.”
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In a statement, PredictSpring said the additional funding will support the company’s “mission to continue its innovation and pioneering approach to omnichannel commerce and redefine the in-store experience for consumers and store associates.” PredictSpring is used by retailers and brands across a variety of verticals, the company said, which includes fashion apparel, footwear, luxury goods, health and beauty, and home goods, among others.
The company describes its platform as a “mobile-first, omnichannel-enabled, customer-centric version of a POS for the retail industry.” The company also said it has seen annual recurring revenue growth of more than 100 percent year-over-year in the past three years while payments transaction volume processed through its platform has soared 455 percent.
The key features of its solution include fixed POS with a cash drawer and printer as well as POS for an iPhone or an iPad. PredictSpring also offers clienteling; endless aisle functions; buy online, return in-store; buy online, pick up in-store, and buy online and fulfill in-store. There’s also a remote selling feature that allows sales associates to sell remotely using a “Pay By Link” function.
The platform allows merchants to offer QR code-based payments, WeChat Pay, Alipay, Klarna and Affirm. There’s also an inventory management function.
PredictSpring is available in 25 countries including the U.S., the U.K., Canada, Australia and South Korea “and has achieved fiscal compliance for POS software in European countries including France, Austria, Italy, Portugal, Germany and Mexico,” the company said.